Always interesting for a shell after its first big press release to see how the stock reacted.
So far I'd say pretty good. For this company, there has to be gapping as there is very little supply (only 1.4 million in float). This shell has been inactive for a number of years and different people are waking up to their shares being worth something after all of these years. You are going to get blocks of 20,000 or 30,000 shares that have been held for 6 years and suddenly decide to sell. Yesterday there were two 20-minute periods of selling in amounts that equal approx. 10,000 or 20,000 shares. These purchases will establish a higher low or a higher entry point for the shares. Overall it was a good orderly market with no pump runs and no mass selling.
Also, not a lot of people know about this stock. Imagine if just 100 people put $1,000 in this stock. That's $100,000 of buying. That's 11% of the float. Yes, think about that. The volume yesterday on that announcement resulted in 118,845 shares traded. That's 8% of the float. (118,845/1,400,000).
Crazy right?
The question with these is- are they done with announcements or do they have more behind this? They signed this LOI on December 26 (from the About Greenlight Section of the first press release- "On December 26th, 2022, the Company executed an LOI with a licensing company that has ongoing business relationships with most of the top professional sports leagues as well as several iconic brands and athletes. The companies have targeted an early to mid-March closing pending due diligence and the successful completion of audited financial statements. The Company intends to amend its name and trading symbol with FINRA as soon as it believes it is practicable.")
Here is what the CEO stated in the Press Release- "Game Time is the company we hoped to build around when we took control of GRNL just a few months back and we are ecstatic that we've been able to expeditiously close this deal," said Elbaum. "Game Time provides us with a profitable seven figure revenue base to grow from as well as access to virtually every top professional league, team, and player we may want to partner with. With the nonstop media attention surrounding sports today, athletes and former athletes have become the biggest celebrities and most popular people on the planet and Game Time Productions plans to take full advantage of this reality."
So they were ahead of schedule in closing (Mid of Feb not March). They targeted Gametime per the CEO’s own words. The deal closed in a little over 2 months. Is there something on the horizon? Is it a media worthy star? That’s the big question.
I'll bid-sit here for a little and see where it goes but so far I like the trading. If it can hold mid $.50s-$.60 until the next announcement that would be great.
